It’s safe to say life has changed considerably for Chiara Noja between her two appearances at the Dubai Moonlight Classic presented by EGA.
Her debut last year, when aged 14, came not long after relocating to the emirate, a move postponed and postponed again because of the pandemic. Even now, she’s still getting her head around the lifestyle, far removed from her native Germany.
“I would not take a single second of it back, to be honest,” Noja tells The National. “The fact I can call my family and be like, ‘Yeah, I’m sorry, I’m at the beach right now’ - that’s absolutely insane to me.”
That could be used, too, to describe the ever-improving golf game, which registers at a fairly insane plus-7 handicap, and the fine performances this summer on the Ladies European Tour’s developmental circuit, the LET Access Series. At the Golf Flanders Trophy in Belgium, Noja finished runner-up, becoming the youngest player in the tour’s history to achieve that feat.
But perhaps the greatest difference in the then and now is that, when Noja tees it up for the first day’s play at Emirates Golf Club on Wednesday, she’ll be doing so as a professional.
That’s right: the Berlin-born teenager, still only 15, announced on Sunday that she had played her final round as an amateur. However, listen to Noja explain the decision, so succinctly and articulately that it belies her age, and it appears the obvious next step in a career she hopes promises much.
“Turning pro is a big step, but it’s one that I feel like I’m ready to take, especially here,” Noja says. “It’s probably the most emotionally connected event that I have.
“I've always made a point of competing against players a lot older, maybe a little better, more experienced than me. And I feel like that has always helped me develop as a player and as a person. It’s really shaped my golfing career.
“Especially over the last year, I’ve been playing on a professional tour, the LET Access Series. It’s given me so much more experience and insight to what the life is like and I’ve got a feel for that. I’m ready for that step and I want to take it right now.”
And anyway, Noja insists, it's not that much of a difference, to her at least.
“I still go to school, I’m still going to be practising hard and playing tournaments. The only thing is the title, I guess,” she says. “The commitments can change a little bit – it’s going to be a little more intense in that sense.
“But learning, coaching, travelling, they’re all parts of golf. That’s what makes up a golfing career. I’m really looking forward to getting to experience that aspect of life as well, because it is a really exciting step to take. It’s going to be a little different, but I’m up to it.”
The view is that balancing homework and her burgeoning career should not represent a problem, given Noja is part of a golf programme at her school. Handily, her studies are arranged around her golf.
“There’s a great support system in place,” she says, before confirming that mum and dad will ensure there won’t be “any slacking off”.
The immediate focus now, though, is this week’s 54-hole event on the Faldo Course. Last year, playing as she is this week on a sponsor’s invite, Noja struggled initially with her first taste of professional golf - pretty understandable - posting rounds of 77 and 86 before rebounding well on the Friday to finish with a 73.
To her credit, she looked upon the experience as all part of the learning process. “Accepting failure" was the key lesson gleaned.
"Because I sort of always thought that, ‘Oh everyone fails at some point, but it won’t happen to me’," Noja says. "I always thought I would get that opportunity and I would just be perfectly cool with it. But until you experience it you never know how you’re going to react.
“But this year it’s being a lot more myself and learning how I react to scenarios like that and just accepting failure and not being scared to fail. Because a lot of it is trying to avoid failure, which is never going to happen.
“You’re going to have bad misses, bad holes, bad days, but it’s just sucking it up and moving on."
For that, Noja describes last year's experience as "incredible", realising how fortunate she was, in fact, to go through that at a young age. Noja regrouped and went back to contesting local competitions before taking a sizeable step up to the Access Series.
Understandably, she is grateful to the LET for the support, and the insight it has provided, and repaid that faith in her displays.
Aside from the second place in Belgium, Noja finished tied-eighth in Sweden, even when she says she didn’t have her best golf. Overall, the tour’s been “really inspiring and awesome”.
“The one word that pops to mind is growth,” she says of the year between Moonlight Classics. “I was a very different person back then. Less experience, definitely less self-aware of who I was as an athlete, less confident in who I am.
“Over the last year I’ve spent a long time developing that mental health aspect of the game. Competing, getting more confidence, accepting that everyone’s going to fail at some point. It’s about getting back up more than you fail. So lots of growth. Because that’s such an important aspect of developing as an athlete.”
The plan is to showcase that progression this week. Noja will compete alongside the likes of former world No 1 and two-time major champion Ariya Jutanugarn, and four-time major winner Laura Davies.
And even better, this year’s event welcomes back fans, on Thursday and Friday - much to Noja’s delight.
“Probably the spectators,” she says when asked what she’s most excited about. “Because I’ve played in front of crowds at the LET Access but not like this before.
“The event’s been absolutely incredibly organised. Falcon [Associates], the LET, they’ve done a great job. And I’m more confident in who I am and you know what to look out for. I’ve played the course a lot more since then too. So I’m excited.”
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
LAST-16 EUROPA LEAGUE FIXTURES
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Glitterbeat
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
